Mazepay announced completing a seed funding round backed by Outward VC.

Mazepay, an Aarhus, Denmark-based fintech SAAS startup, announced the completion of a seed funding round.

The deal is said to value the company at DKK 75M ($12M) and was backed by the London-based investor Outward VC.

The proceeds will be used to hire more developers and sellers to spread Mazepay to countries such as Germany, the UK and France.

Mazepay, founded in 2018 by CEO Søren Aabel Hammer, Dan Kortegaard Nielsen and Thomas Dragsbæk, built a service aiming to help organisations simplify their long-tail spend via a software solution that helps with procurement and B2B payments. The tool features automated supplier onboarding, invoice management, cash flow management and is made in partnership with Mastercard in order to  simplify B2B purchases, payments and compliance through business cards.